Prime Ministers Putin and Jiabao (China) shake hands as they agree to abandon the dollar as their countries trade with each other. Obama has not held a single meaningful conference with either leader. St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.
Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.
"About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg.
The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities. . . . . . READ MORE FROM THE 'CHINA DAILY' >>>>>
Editor's notes: we have time to repair lost confidence in the dollar but time is, indeed, running out. We see this as a very significant event but not the end of the world. The real story in all this is the fact that Obama has avoided meeting with Putin and entertained a "bilateral" meeting with Jiabao just this past September, weeks before Jiabao agreed to move away from the dollar (!). Anyone see a problem ?
Understand that Obama appears to be at a total loss when it comes to dealing with strong world leadership and that is a problem for all of us.
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